Earnings Conference Call Slide Deck

First Quarter 2013 Earnings Conference Call

13 February 2013

| 1st Quarter 2013 Earnings Conference Call 2

Safe Harbor Statement & Disclosures

The earnings call and accompanying material include forward-looking comments and information concerning the company’s plans and projections for the future, including estimates and assumptions with respect to economic, political, technological, weather, market acceptance and other factors that impact our businesses and customers. They also may include financial measures that are not in conformance with accounting principles generally accepted in the United States of America (GAAP). Words such as “forecast,” “projection,” “outlook,” “prospects,” “expected,” “estimated,” “will,” “plan,” “anticipate,” “intend,” “believe,” or other similar words or phrases often identify forward-looking statements. Actual results may differ materially from those projected in these forward-looking statements based on a number of factors and uncertainties. Additional information concerning factors that could cause actual results to differ materially is contained in the company’s most recent Form 8-K and periodic report filed with the U.S. Securities and Exchange Commission, and is incorporated by reference herein. Investors should refer to and consider the incorporated information on risks and uncertainties in addition to the information presented here. Investors should consider non-GAAP financial measures in addition to, and not as a substitute for, financial measures prepared in accordance with GAAP. The company, except as required by law, undertakes no obligation to update or revise its forward-looking statements whether as a result of new developments or otherwise. The call and accompanying materials are not an offer to sell or a solicitation of offers to buy any of the company’s securities.


First Quarter Overview

(in millions of dollars except per share amounts) Q1 2013 Q1 2012 Change

Net Sales and Revenues $7,421 $6,767 +10%

Net Sales $6,793 $6,119 +11%

Net IncomeAttributable to Deere & Company

$650 $533 +22%

Diluted EPS $1.65 $1.30 +27%


First Quarter OverviewNet Sales

Equipment operations net sales: Up 11% in Q1 2013 vs. Q1 2012

• Price realization: +3 points

• Currency translation: (1) point


Worldwide Agriculture & TurfFirst Quarter Overview

Incremental Margin ~ 25%

*Q1 2013 operating profit impacted by:

(in millions of dollars) Q1 2013 Q1 2012 Change

Net Sales $5,491 $4,724 +16%

Operating Profit* $766 $574 +33%

Favorable Unfavorable• Higher Shipment Volumes • Selling, Administrative and General Expenses• Price Realization • Warranty Costs

• Production Costs• Research and Development Expenses


U.S. Commodity Price Estimates

Deere & Company Forecast as of 13 February 2013 (Previous Forecast as of 21 November 2012)

(dollars per bushel, except cotton, which is dollars per pound)

2011/12 2012/13 Forecast

Previous 2012/13

2013/14 Forecast

Previous 2013/14

Corn $6.22 $7.00 $7.75 $5.25 $6.00

Wheat $7.24 $8.00 $8.15 $8.00 $7.25

Soybeans $12.50 $14.00 $14.75 $12.50 $13.00

Cotton $.88 $.67 $.68 $.65 $.65

(Yield in bushels per acre, except cotton, which is pounds per acre)

Acres Planted(millions)

Yield

2012/13Projection

2013/14 Forecast

2012/13Projection

2013/14 Forecast

Corn 97.2 98.0 123.4 161.5

Wheat 55.7 57.0 46.3 45.6

Soybeans 77.2 78.0 39.6 44.4

Cotton 12.3 10.0 866 846


U.S. Acres Planted and Crop Yields

Deere & Company Forecast as of 13 February 2013


U.S. Farm Cash Receipts


(in billions of dollars)2011 2012

ForecastPrevious

20122013

ForecastPrevious

2013

Crops $208.3 $214.4 $215.5 $210.7 $223.3

Livestock $166.0 $163.8 $161.5 $171.2 $167.9

Government Payments $10.4 $11.1 $11.2 $11.3 $11.3

Total Cash Receipts $384.7 $389.3 $388.2 $393.2 $402.5

• Record Farm Cash Receipts expected in 2012 & 2013• Other Farm-Related Income at historic levels in 2011 & 2012 drought years• Crop insurance indemnity payments is major component of Other Farm-Related Income


U.S. Farm Gross Cash IncomeTotal Cash Receipts Plus Other Farm-Related Income

Source: 1998 – 2011: USDA 11 February 20132012F – 2013F: Deere & Company Forecast as of 13 February 2013

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012F2013F

$ Bill

ions

Other Farm-Related Income Crops & Livestock Government Payments



Economic UpdateEU 27

Wet weather conditions in UK negatively impacting demand

Financial crisis will continue to impact EU growth• While Portugal, Italy, Greece and Spain are in severe recession,

Northern European countries are in much better financial condition

Overall Ag economy somewhat positive due to high prices and farm income

• Beef, pork, milk and wheat prices are favorable



Economic UpdateOther Selected Markets

Commonwealth of Independent States (CIS) • Import duties will affect demand in Russia, Kazakhstan and Belarus• Farmer sentiment is positive• Commodity prices are favorable

India• Tractor market remains soft• Grain production forecast to be down ~ 5%• Reserve Bank of India lowered its key policy rate for the first time in

nine months to support the economy

China • Farm modernization supports urbanization and population growth• Ag subsidies expected to increase• Grain output expected to increase for 9th consecutive year

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

F


Gross Value of Agricultural Production Brazil

Gross Value of Agricultural Production*

* In Billions of Brazilian Real

Expected to increase ~ 9% in 2013 over prior season

2012 Mix by Crop

54%18%

28%

Grains Sugarcane Other

Source: Actual: MAPA (Brazilian Ministry of Agriculture), January 20132013: Deere & Company Forecast as of 13 February 2013


Agriculture & Turf Retail SalesIndustry Outlook – Fiscal 2013


Current Forecast Previous Forecast

U.S. and Canada Ag Flat to up 5% ~ Flat

EU 27 Ag Down ~ 5% Flat to down 5%

South America Ag Up 10-15% Up ~ 10%

CIS Countries Ag Down slightly Modestly higher

Asia Ag Slightly higher Little-changed

U.S. and Canada Turf and Utility Equipment ~ Flat Up ~ 5%


Worldwide Agriculture & TurfDeere & Company Outlook

Fiscal Year 2013 Forecast• Net sales: Up ~ 6%• Previous forecast: Up ~ 4%



Worldwide Construction & ForestryFirst Quarter Overview

(in millions of dollars) Q1 2013 Q1 2012 Change

Net Sales $1,302 $1,395 -7%

Operating Profit* $71 $124 -43%

*Q1 2013 operating profit impacted by:

Favorable Unfavorable• Price Realization • Lower Shipment Volumes

• Production Costs• Product Mix• Research and Development Expenses• Selling, Administrative and General Expenses

U.S. Economic Indicators2013

ForecastGDP Growth (annual percentage rate)* +1.7%Housing Starts (thousands) 970Non-Residential Spending Growth (annual percentage rate)* -0.4%Government Spending Growth (annual percentage rate)* -1.7%


Worldwide Construction & ForestryDeere & Company Outlook

Source: Global Insight, Calendar Year Estimates – January 2013* Change from prior year in real dollars

Fiscal Year 2013 Forecast• Net sales: Up ~ 3%• Previous forecast: Up ~ 8%



Worldwide Financial ServicesCredit Loss History

Provision for Credit Losses / Average Owned Portfolio

* Annualized provision for credit losses as of 31 January 2013

0.01%

0.00%

0.50%

1.00%

1.50%

2.00%19

9019

9119

9219

9319

9419

9519

9619

9719

9819

9920

0020

0120

0220

0320

0420

0520

0620

0720

0820

0920

1020

1120

1220

13*


Worldwide Financial Services

First Quarter 2013• Net income attributable to Deere & Company

• $133 million in Q1 2013 vs. $119 million in Q1 2012

Fiscal Year 2013 Forecast• Net income attributable to Deere & Company of ~ $540 million

• Previous forecast: ~ $500 million



Consolidated Trade Receivables & Inventory

(in millions of dollars)Q1 2013*

Actual2013** Forecast

2013** Previous Forecast

A&T $960 $425 $25

C&F $198 $75 $175

Total, as reported $1,158 $500 $200

Total, constant exchange $1,267 $450 $100

* Change at 31 January 2013 vs. 31 January 2012** Forecasted change at 31 October 2013 vs. 31 October 2012Deere & Company Forecast as of 13 February 2013 (Previous Forecast as of 21 November 2012)


Cost of Sales as a Percent of Net SalesEquipment Operations


First Quarter 2013• ~ 74%

Fiscal Year 2013 Forecast• ~ 74%• No change from previous forecast


Research & Development ExpenseEquipment Operations

First Quarter 2013• Up ~ 14% vs. Q1 2012

Fiscal Year 2013 Forecast• Up ~ 3% vs. FY 2012• No change from previous forecast



Selling, Administrative & General ExpenseEquipment Operations

First Quarter 2013• Up ~ 10% vs. Q1 2012

Fiscal Year 2013 Forecast• Up ~ 7% vs. FY 2012• No change from previous forecast

Increases primarily related to growth



Income TaxesEquipment Operations

First Quarter 2013• Effective tax rate: ~ 30%

Fiscal Year 2013 Forecast• Projected effective tax rate: 34-36%

• No change from previous forecast



Continued Strong Operating PerformanceEquipment Operations

Fiscal Year Cash Flows from Operations

* No change from previous forecastDeere & Company Forecast as of 13 February 2013 (Previous Forecast as of 21 November 2012)

$2.4

$1.4

$2.5

$3.0 $2.9$3.4

2008 2009 2010 2011 2012 2013 Forecast*

$ Bill

ions

~


2013 Company Outlook

Second Quarter 2013 Forecast• Net sales: Up ~ 4% vs. Q2 2012

• Price realization: ~ +2 points• Currency translation: ~ (1) point

Fiscal Year 2013 Forecast• Net sales: Up ~ 6% vs. FY 2012

• Price realization: ~ +3 points• Previous forecast: Up ~ 5% vs. FY 2012

• Price realization: ~ +3 points

• Net income attributable to Deere & Company of ~ $3.3 billion• Previous forecast ~ $3.2 billion



Appendix



January 2013 Retail Sales

EU 27 Deere*Tractors double digitsCombines double digits

U.S. and Canada Deere*Selected Turf & Utility Equipment a single digit

* Based on internal sales reports

U.S. and Canada – Construction & Forestry Deere*First-in-the-Dirt a single digitSettlements ~ flat


Pension and OPEB Expense

First Quarter 2013• ~ Flat vs. Q1 2012

Fiscal Year 2013 Forecast• Up ~ $90 million vs. FY 2012• Previous forecast: Up ~ $70 million vs. FY 2012



Other InformationEquipment Operations

Fiscal Year 2013 Forecast • Capital Expenditures: ~ $1.3 billion

• No change from previous forecast

• Depreciation and Amortization: ~ $725 million• Previous forecast: ~ $700 million

• Pension/OPEB Contributions: ~ $550 million• No change from previous forecast


Deere Use-of-Cash Priorities


Manage the balance sheet, including liquidity, to support a rating that provides access to low-cost and readily available short- and long-term funding mechanisms

Reflects the strategic nature of our financial services operation

Committed to “A” Rating

Cash from Operations

Fund Operating and Growth Needs

Common Stock Dividend

Share Repurchase

Fund value-creating investments in our businesses

Consistently and moderately raise dividend targeting a 25%-35% payout ratio of mid-cycle earnings

Consider share repurchase as a means to deploy excess cash to shareholders, once above requirements are met and repurchase is viewed as value-enhancing


Sources and Uses of Cash Fiscal 2004–2012Equipment Operations

Source: Deere & Company SEC filings

= Source of Cash

= Use of Cash

(1) Other includes proceeds from maturities and sales of marketable securities and purchases of marketable securities and reconciliation for non-cash items including excess tax benefits from share-based compensation and the effect of exchange rates on cash and cash equivalents

$4,287

$19,326

$668

$6,530

$1,081$101

$3,967

$7,720

$974

$0

$3,000

$6,000

$9,000

$12,000

$15,000

$18,000

$21,000

$24,000

$27,000

Beginning Cash & Cash Equivalents (10/31/03)

Cash From Operations

Divestitures, net of

Acquisitions

Capital Expenditures

Investment in Financial Services

Net Change in Debt and

Intercompany Balances

Dividends Share Repurchase,

net of Common

Stock Issuances

Other Ending Cash & Cash

Equivalents (10/31/12)

(1)

$ M

illio

ns

$3,908~60% of cash from operations returned to shareholders


Deere Quarterly Dividends Declared*Q1 2003 – Q1 2013

* Adjusted for 2 for 1 stock split on 26 November 2007** See revised John Deere Strategy in Appendix

$0.11$0.14

$0.16

$0.20$0.22

$0.25$0.28

$0.30

$0.35

$0.41

$0.46

$0.00

$0.05

$0.10

$0.15

$0.20

$0.25

$0.30

$0.35

$0.40

$0.45

$0.50

'03

Q1

Q2

Q3

Q4

'04

Q1

Q2

Q3

Q4

'05

Q1

Q2

Q3

Q4

'06

Q1

Q2

Q3

Q4

'07

Q1

Q2

Q3

Q4

'08

Q1

Q2

Q3

Q4

'09

Q1

Q2

Q3

Q4

'10

Q1

Q2

Q3

Q4

'11

Q1

Q2

Q3

Q4

'12

Q1

Q2

Q3

Q4

'13

Q1

Dividend raised 64% since launch of the revised John Deere Strategy in 2010**


Share RepurchaseAs Part of Publicly Announced Plans

Cumulative cost of repurchases 2004-1Q2013: ~ $9.3 billionAmount remaining on May 2008 authorization of $5 billion: ~ $2.4 billion 31 January 2013 period ended shares: ~ 389.6 million1Q2013 average diluted shares: ~ 4.6 millionShares repurchased 2004-1Q2013: ~ 161.8 millionAverage repurchase price 2004-1Q2013: $57.30

* All shares adjusted for two-for-one stock split effective 26 November 2007** Rounded totals for each period – sum may not tie to cumulative cost of repurchases 2004-1Q2013

Actual Shares

Repurchased*(in millions)

Total Amount**(in billions)

2004 5.9 $0.2

2005 27.7 $0.9

2006 34.0 $1.3

2007 25.7 $1.5

2008 21.2 $1.7

2009 0.0 $0.0

2010 5.2 $0.4

2011 20.8 $1.7

2012 20.2 $1.6

2013 YTD 1.1 $0.1

U.S. Farm Prices


Source: Actual Data: USDAForecast Data: Deere & Company Forecast as of 13 February 2013

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

$0.80

$0.90

$1.00

$0

$2

$4

$6

$8

$10

$12

$14

$16

$18

Co

tto

n -

Do

llars

per

Po

un

d

Do

llars

per

Bu

shel

WheatCornSoybeansCotton


World Farm FundamentalsGlobal Stocks-To-Use Ratios

0%

10%

20%

30%

40%

50%

60%

70%

80%19

92

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

E

2012

P

Source: USDA – 8 February 2013

Cotton

Wheat

Corn

Soybeans


U.S. Net Farm Cash Income


(in billions of dollars) 2011

2012 Forecast

Previous 2012

2013 Forecast

Previous 2013

Total Cash Receipts $384.7 $389.3 $388.2 $393.2 $402.5

Other Farm-Related Income $26.1 $40.0 $38.0 $26.0 $26.0

Gross Cash Income $410.8 $429.3 $426.2 $419.2 $428.5

Cash Expenses ($276.1) ($294.2) ($294.2) ($295.0) ($300.0)

Net Cash Income $134.7 $135.1 $132.0 $124.2 $128.5

Deere’s second quarter 2013 conference call is scheduled for 9:00 a.m. central time

on Wednesday, May 15, 2013

Documents

Earnings Conference Call Slide Deck